CheckAlt Acquires Klik to Solidify Position as Leading Provider of Processing Solutions to Financial Institutions and Corporate Customers

June 16, 2016 |

Written by CheckAlt

CheckAlt, a leader in mobile and Check 21 payment and item processing solutions, today announced that it has acquired Klik Technologies, Corp. (“Klik”), a New York corporation that was a wholly owned subsidiary of MUFG Union Bank, N.A..

The acquisition further strengthens CheckAlt’s position as a leading provider of payment solutions for financial institutions nationwide. The company’s solutions power hundreds of financial institutions and corporate clients enabling them to optimize the customer experience from any point of presentment, whether at the branch, ATM, online, customer location or on-the- go via mobile banking solutions. Terms of the transaction were not disclosed.

The combined company, to remain as CheckAlt, will serve a greatly expanded customer base, and provide a broader set of solutions for payment processing capabilities, enabling financial institutions and corporate clients of all sizes and geographies to generate revenue, reduce transactional costs, increase transaction processing efficiencies, and mitigate fraud. The company’s proprietary software focuses on electronically capturing, processing and analyzing check data and images, including those captured on mobile devices, a rapidly growing area in the FinTech industry.

“We are very excited to announce this transaction, as Klik is a highly-regarded addition to CheckAlt,” said Shai Stern, CEO and Co-Chairman of CheckAlt. “The acquisition enables CheckAlt to extend its current capabilities, while meeting client requirements, with an even greater execution and service delivery through the addition of a broader footprint and expanded customer base. We know our respective customers will be as excited as we are about this acquisition, and we are highly confident that bringing these companies together, who share a history of excellence in this industry for more than 20 years, will continue to provide a significant engine of growth for CheckAlt. We welcome our new customers, partners and employees.”

Klik is now a wholly owned division of CheckAlt. The combined company has a staff of approximately 300 with 17 processing sites nationwide. CheckAlt and MUFG Union Bank are working closely together on an orderly transition to service close to 500 financial institutions and hundreds of corporate customers for Check 21 solutions, and thousands of merchants through mobile and electronic processing.

CheckAlt offers best of breed Check 21 solutions nationwide. These solutions include consolidated, advanced item processing, lockbox processing and white label solutions, such as CheckAlt Remit, LoanPay and Mobile Business Capture. CheckAlt has 135 employees and is headquartered in Miami, FL. For more information, visit www.checkalt.com.